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BP Foresees Shah Deniz 2 Costs Hike, Pipeline Groups Maneuver
...tual cost. Socar President Rovnag Abdullayev said that the final cost could “vary by 30%, either upward or downward, in the course of the project” (MEES, 23 April). As late as June 2011, BP’s estimated cost for Shah Deniz 2 was $20bn (MEES, 13 June 2011). Mr Javanshir attributed the projected cost in...
Volume: 55Issue: 25Published at Mon, 18 Jun 2012 -
Kazakh Supply Deal With Russia To Stabilize Flow To Pavlodar Refinery
...arges on hydrocarbon sales under a customs union between Russia, Kazakhstan and Belarus, Mr Shatalov said Russia had lost around $780mn since the beginning of the year as a result of duty-free oil exports. Kazakhstan imported 7mn tons of Russian oil in 2011 to supply the Pavlodar refinery (MEES, 28 Ma...
Volume: 55Issue: 25Published at Mon, 18 Jun 2012 -
CNPC And Turkmenistan Sign 65 BCM/ Y Gas Deal
...s export system by 2019-20 (MEES, 28 November 2011). China expects to double its annual imports of Turkmen gas to 30 bcm by the end of 2012 compared with 15 bcm in 2011. (MEES, 11 June). ...
Volume: 55Issue: 25Published at Mon, 18 Jun 2012 -
Egypt Unveils Plan For Petrochemical Complex
...ll be one of the largest projects to be set up after the January 2011 revolution in Egypt, was formally launched earlier in Washington at a meeting attended by a number of Egyptian and US companies. The project, with an estimated cost of $3.7bn, is to be financed by two loans totaling $2.6bn, which ar...
Volume: 55Issue: 25Published at Mon, 18 Jun 2012 -
Saudi Arabia Gives Further Details Of Its Aid To Egypt
...YPT/SAUDI ARABIA Saudi Arabia Gives Further Details Of Its Aid To Egypt Saudi Arabia has given further details about its aid package of $3.75bn to Egypt, pledged after the fall of the Mubarak regime in January 2011. Saudi Arabia announced on 8 June that under this package it had ap...
Volume: 55Issue: 25Published at Mon, 18 Jun 2012 -
US Announces Further Sanctions Exemptions, Turkey Implements Boycott
...gnificantly reduced their volume of crude oil purchases from Iran.” While the Obama administration has not specified exact amounts for reduction of imports of Iranian crude, senators who have been driving the anti-Iranian legislation through Congress have stated that an 18% reduction compared to 2011 levels wo...
Volume: 55Issue: 25Published at Mon, 18 Jun 2012 -
Saudi Arabia And Qatar Reiterate Commitment For Jordan Aid Fund>
...cent visit to Qatar. Among these projects Qatar was keen to support an LNG storage terminal in 'Aqaba that the Jordanian government is considering to build (MEES, 23 April). The Jordanian government is eager to find alternative sources of energy, following the erratic supply of Egyptian gas in 2011 and ea...
Volume: 55Issue: 25Published at Mon, 18 Jun 2012 -
Talks Progressing On Disputed Offshore Lebanon-Israel Territory
...ported that Lebanon had recovered a segment of the disputed offshore territory. The report said Lebanon had restored 530 sq km (62%) of the 854 sq km offshore area where Lebanese and Israeli maritime boundaries overlap (MEES, 12 March, 5 December 2011). MEES soundings suggested that the Israelis had ag...
Volume: 55Issue: 25Published at Mon, 18 Jun 2012 -
Sirte Oil Restarts Damaged Gas Field
...10 bcm/year for 2007-10 before falling to 2.32 bcm for 2011. Eni is targeting full ramp-up of its production to the pre-crisis plateau of around 120,000 b/d liquids and almost 900mn cfd of gas in the second half of 2012 (net to Eni), about 3% up on actual 2010 volumes. Sirte Oil’s Fields (Sc...
Volume: 55Issue: 25Published at Mon, 18 Jun 2012 -
Gazprom May Leave Elephant On The Shelf
...BYA Gazprom May Leave Elephant On The Shelf Russian state firm Gazprom may not follow through on a February 2011 deal to take a half of Italian firm Eni’s 33.3% stake in the Elephant (el Fil) field in Libya’s Murzuq Basin. The firms struck the $170mn deal on 16 February last year, just days before Be...
Volume: 55Issue: 25Published at Mon, 18 Jun 2012 -
IPIC Profits Tumble 96% On Loss Booked For Daimler, Unicredit Stakes
...E IPIC Profits Tumble 96% On Loss Booked For Daimler, Unicredit Stakes Abu Dhabi’s International Petroleum Investment Company’s (IPIC’s) 2011 profits fell 96% to $44.69mn, the state-owned company reported on 14 June. Profits were reduced sharply by fair value accounting for its stakes in German au...
Volume: 55Issue: 25Published at Mon, 18 Jun 2012 -
IMF Commends Iran’s Economic Performance
...mes, consumer price inflation has only increased from 10.1% in December to 14.2% at end-May 2011,” and said that maintaining macroeconomic stability in the near term through coordinated and adequately tightened monetary and fiscal policies is essential to preserve the benefits of the subsidy re...
Volume: 54Issue: 25Published at Mon, 20 Jun 2011 -
Moody’s Sees Continuing Stable Outlook For Israeli Banking System
...proximately 4.5% in 2011, representing a slight fall from the figure posted in 2010. “The conservative loan-to-deposit ratios, granular deposit bases and maintenance of large liquidity reserves suggest that Israeli banks’ generally healthy liquidity positions are unlikely to change, thereby supporting out st...
Volume: 54Issue: 25Published at Mon, 20 Jun 2011 -
BP To Complete Risha Seismic Survey Shortly
...Energy and Mineral Resources Khalid Tuqan announced last week. The minster added that drilling of two wells to a depth of 3,000-4,000ms is expected to begin before the end of 2011. Following the interpretation of the seismic data, which will take a year, more exploration wells will be drilled ov...
Volume: 54Issue: 25Published at Mon, 20 Jun 2011 -
Kuwaiti Real GDP Growth Expected To Hit 4.7% In 2011, NBK Says
...Middle East Economic Survey VOL. LIV No 25 20-Jun-2011 KUWAIT Kuwaiti Real GDP Growth Expected To Hit 4.7% In 2011, NBK Says Owing to a combination of a strong performance of the Kuwaiti trade sector, higher than expected oil prices, and expectations of a faster regional gr...
Volume: 54Issue: 25Published at Mon, 20 Jun 2011 -
Qatargas Delivers First LNG Cargo To Thailand
...at will lead us to the successful commencement of terminal operations in July 2011,” said Wichai Pornkeratiwat, Senior Executive Vice-President, Gas Business at PTT. The vessel departed from Qatar’s Ras Laffan port in May, carrying 131,000 cu ms of LNG....
Volume: 54Issue: 25Published at Mon, 20 Jun 2011 -
QP And Shell Mark Start-Up Of Pearl GTL Plant
...atement added: “Over the coming months, production will ramp up from the first production unit... The second train is expected to start up before the end of 2011. The plant is expected to reach full production capacity by the middle of 2012... Once fully operational, Pearl GTL is expected to produce 1....
Volume: 54Issue: 25Published at Mon, 20 Jun 2011 -
Saudi Economy Will Grow By 6.9% In 2011, Says Riyad Capital
...Middle East Economic Survey VOL. LIV No 25 20-Jun-2011 SAUDI ARABIA Saudi Economy Will Grow By 6.9% In 2011, Says Riyad Capital Saudi real GDP is expected to grow by 6.9% in 2011, said Riyad Capital in its latest quarterly report, which revised upward its forecast from the pr...
Volume: 54Issue: 25Published at Mon, 20 Jun 2011 -
KMG And CNPC To Build Intra-Kazakh Link To Central Asia Gas Pipeline
...d expected to end in April-May 2011. The Heydar Aliyev drilling rig will operate at 470-480ms and drill to a target depth of 7,100-7,200ms. Socar has estimated that the Absheron structure could contain up to 300bn cu ms of gas and 45mn tons of condensate. A production sharing agreement for Ab...
Volume: 53Issue: 25Published at Mon, 21 Jun 2010 -
CBI Guarantees 10% Return On Foreign Investments In Iran
...vestment. Earlier in June Mehr News Agency reported that the Ministry of Petroleum had allocated $13.6bn for oil projects and $2.4bn for refineries for the year ending on 20 March 2011 from the National Energy Fund, which was established in February with the backing of the CBI and four state-owned banks, to fi...
Volume: 53Issue: 25Published at Mon, 21 Jun 2010